The National Gypsum Company (NGC) Bodily Injury Trust was established to assist individuals exposed to the company’s asbestos-containing construction products. As one of the most prolific users of asbestos in modern U.S. history, the National Gypsum Company has paid out more than $485 million in asbestos injury claims to nearly 214,000 claimants.Get Help Now
Since 1990, NGC has filed bankruptcy twice as a result of asbestos liabilities. Many of the company’s extensive product line from the 1920s to the late 1970s contained asbestos.
The current payment percentage for the NGC trust is 41%, which is much higher than other asbestos liability trust funds.
Even though NGC asbestos-containing products were not manufactured after the 1980s, many still remain in homes and businesses across the United States. In addition to the Gold Bond products, the following NGC products manufactured before the early 1980s contained asbestos:
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The company began in 1925 when the founders developed wallboard they advertised as stronger, lighter and more flexible than other brands. The company promoted the wallboard with a “gold bond” guarantee that offered $5,000 to anyone who could produce a better product. NGC eventually branded its wallboard and other construction products as Gold Bond.
In the years that followed, NGC grew exponentially by acquiring many of its competitors, including:
Among the most significant acquisitions was Universal Gypsum, one of NGC’s biggest competitors. From the acquisitions, NGC grew to dozens of plants nationwide and incorporated asbestos in about 30 products.
NGC used asbestos in its products through the late 1970s. By the 1990s, the company was facing more than 4,500 asbestos-disease lawsuits and had about $1 billion in debt.
After filing for bankruptcy protection in 1990, the National Gypsum Corporation Settlement Trust was created with more than $600 million to handle asbestos claims. When the trust began running out of funds in 1997, another bankruptcy was filed. In 2003, the NGC Bodily Injury Trust was created with $347 million for claims. To date, the trust has received 361,904 claims.
The NGC trust was established by identifying six asbestos-related diseases that have settlement amounts. The trust also allows for two types of settlement reviews to determine if the claimant deserves compensation:
An expedited trust review is used for most asbestos claims. Trustees have 90 days to review the claim based on predetermined medical and exposure criteria. If the trustee determines the exposure is a result of NGC asbestos and fits the standard for compensation, the claimant receives a fixed settlement amount.
The fixed settlement amounts of the NGC trust are as follows:
Claimants who desire a larger settlement than the expedited review can provide or who have had their expedited review rejected can opt for an individual review. For an individual review, trustees look at detailed information regarding the claim, including the following:
Trustees have 120 days to review the claimant’s information and determine if a settlement is warranted. If the claim is accepted, the trustees determine the amount based on the settlement schedule:
To file an NGC claim, claimants must document the disease and the NGC connection. Many claimants choose to use the services of an attorney experienced in asbestos litigation to make the process easier.
When filing a claim request, the necessary information includes proof of exposure, location, dates, witness statements and other pertinent facts. All claims (both expedited and individual reviews) are handled on a FIFO (first-in, first-out) basis.
For more information about how an attorney can help with an asbestos claim, contact us today.
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